Income Protection Cover
| Eligible entry ages | 16 - 55* |
| Minimum/Maximum sum insured | $1,000 - $20,000 per month |
| Eligible occupations | Most occupations are eligible. However, some will be uninsurable or will have limited cover due to the nature of the duties involved. Please check with TMFNZ to confirm the eligibility of your occupation. |
| Cover ends | Age 65 |
| Benefit type | Monthly payment |
| Wait period option | 4, 8, 13, 26 or 52 weeks |
| Benefit period option | Two yers, five years or to age 65 |
| Free look period | 14 days to ensure you are happy with your policy |
| *ages outside of this range will be considered on an individual bais. |
What is the payment based on?
You have two options for Income Protection Cover:
- Indemnity Value Cover
To ensure payments are a realistic reflection of your income at the time of claim, your payments are based on 75% or you average monthly income prior to disability.
the sum insured; and
75% of your income before you became disabled, less any income or benefits you are still receiving or entitled to receive.
- Agreed Value Cover
Agreed Value provides cover at an agreed level less any income or benefits you are still receiving or are entitled to receive. The agree value sum insured is assessed at the time of application – financial information is required at this stage.
We recommend you discuss these options with TMFNZ. We also suggest that you talk to your tax adviser regarding the tax status of the policy as it relates to you.
For more informatoin about TMFNZ products, please complete the TMFNZ enquiry form.
